LP:Brent crude oil trading near $111 as spread widens again
Brent crude oil prices open today’s trading session closer to $111 a barrel after WTI oil weakened and the spread between oil contracts widened again and may once again test 19th August record margin of $26.21 a barrel.
Latest Brent Oil Price
In London, Brent crude oil futures for October 2011 delivery was trading at $110.75 a barrel, 07.45 GMT this morning on the ICE Futures Exchange. Meanwhile, WTI oil traded at $85.49 a barrel, hence the spread between contracts is currently back over the $25 mark.
Brent oil prices edged higher in choppy trading yesterday, but US WTI prices slipped as traders weighed expectations for the eventual return of Libyan oil exports against another fall in crude oil inventories in the US.
Oil Trading Volumes
Trading volumes were relatively low, with the number of US WTI crude contracts changing hands about a third lower than the average over the past 30 days, whilst Brent oil volumes were in line with the 30 day average.
